April contract shed 1.39pm on its penultimate day of trading as front month The refloating of the giant container ship which had blocked the Suez Canal and the recommencement of cargo traffic through the canal saw some easing in European gas prices yesterday. The UK NBP April contract shed 1.39p on its penultimate day […]
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Oil and LNG cargo ships held up in the Suez Canal causing bullish response in energy markets
Prompt and near futures gas prices gained over a penny per therm Reports of a partial freeing up of shipping movement in the Suez Canal on Thursday proved unfounded and the strategic shipping route remained blocked. With many oil and LNG cargoes amongst the huge volume of cargoes held up, energy markets responded bullishly again […]
The see saw nature of global crude oil markets evident again
Suez Canal blockage remains, causing markets to struggle with the implication The volatile nature of crude oil markets continued yesterday with oil contracts coming under pressure from the outset. In the last three session oil prices have been down, up, and down by more 5% on each occasion. Despite previous reports that progress had […]
UK gas prices gained on Wednesday as a large container vessel ran aground
Crude oil market spooked by grounding of container ship in Suez Canal Tuesday’s slump in crude oil prices was almost fully recovered on Wednesday as the markets were spooked by the grounding of a large container ship in the Suez Canal. With shipping, including oil and LNG tankers backed up on the southern end […]
LNG supplies topped up after cargoes unloaded with more deliveries expected before Easter
Prompt prices closed with modest losses on the day Tuesday saw a second sharp correction in crude oil prices within a week as Brent shed $3.83 a barrel to close at $60.79. A week ago, the global benchmark was $68.00 a barrel and has shed $7.60 since as concerns of oversupply increase while more European […]
Spot and near futures gas prices gained and seasonal contracts also rose strongly
An early supply surplus was eroded as the system was left marginally short at close of business As wind generation failed to pick-up as forecast, more gas-fired plant was called on yesterday and overall gas demand increased by 10MCM over the course of the day. An early supply surplus was eroded, and the system was […]
The recent volatility on the carbon market looks set to continue
Prompt and near futures gas prices at the NBP eased significantly Prompt and near futures gas prices at the NBP eased significantly again on Friday following Thursday’s slump in oil prices. A combination of high gas-fired power demand and restricted Norwegian supply-maintained pressure on the UK gas system throughout the day but the system […]
Brent recorded the largest single day loss since 20 April 2020
Crude oil prices slumped late in the session Crude oil prices slumped late in the session on Thursday as vaccine supply issues in Europe and the reintroduction of lockdowns in Italy and Poland raised concerns for demand recovery. Brent eased by $4.72 a barrel, recording the largest single day loss since 21st of April 2020 […]
Oil market responded to several bearish developments yesterday
Slow start to trading saw prompt prices opening marginally up on Tuesday’s closing levels As wind generation fell-off yesterday, gas demand rose and the supply side was slow to respond, leaving the system 10MCM short at close of business. The slow start to trading saw prompt prices opening marginally up on Tuesday’s closing levels but […]
The oil market saw a third day of modest losses
Prompt prices retained early losses With demand on the UK gas system running below 250MCM for most of the trading day, the system opened with a surplus of 24MCM and retained a surplus to close of business yesterday. Above normal temperatures and lower power demand saw overall gas demand reduced and strong LNG send-out comforted […]
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